Monero

Did you know that Monero is considered to be the most popular and safest digital currency on the planet? You've probably heard of Bitcoin and Ethereum, but there are thousands of other digital currencies, each claiming to have made different advances in Bitcoin. Some transactions of these currencies are cheaper, some are faster.

To trace the origins of Monero, we need to look at another digital currency called ByteCoin. ByteCoin was launched in (summer 2012). It was the first digital currency to be created and written using CryptoNote technology.

CryptoNote is the backbone of many privacy-based digital currencies that exist today.

This includes Monero. Privacy CryptoNote currencies are generated by grouping public keys. By combining several keys in one transaction, it is not possible to identify who sent it!

Bytecoin was a good effort as an anonymous digital currency. However, its initial distribution had several issues. At startup, it turned out that 80% of the coins that could be mined already existed.

What makes Monero different?

There are many things about Monero that are similar to many other digital currencies. This is an unlicensed open-source project. This second feature is potentially changing in the world. No reference can prevent the use of digital currencies.

Privacy

The main thing that makes Monero valuable is its privacy features. No one can link you to a Monero digital currency deal. This makes Monero a popular currency among those who are concerned about privacy for various reasons.

Flexibility

Another very important feature of Monero Digital Currency related to its privacy is its flexibility. I explain what I mean.

It is possible to track Bitcoin transactions from one user to another. Depending on how the user uses Bitcoin, you may not be able to identify them, but you can track any Bitcoin from one wallet address to another.

This means, for example, that users can find out if the particular Bitcoin that is transferring is the amount of a crime or not.

To prove this, let's look at an example. Say you sold a perfectly legal product on a platform like the open market and received Bitcoin as payment. However, it turns out that the Bitcoin you received has already been used in a drug transaction. It may not be a problem for you. But when you want to spend it somewhere else, the recipient can decide that he wants this coin or not.

Thanks to Monero's advanced privacy features, no one can tell which transactions each coin has been traded in. It is quite impossible to link a Monero coin to the past. No trading history is associated with any of the Monero coins.

Monero's strengths and weaknesses can be one of the most important parts. So far we have talked about the positive aspects of this work, now it is time to review it.

Positive point

• One of the digital currencies with privacy

• Highly scalable

• Do not link transactions to you

• Respected in the digital world

Negative points

• It is a little difficult to deal with

• Many wallets do not support Monero